State rainy day fund hits record high of $904 million

The state’s total revenue collections continue to trend higher
Published: Feb. 9, 2023 at 10:00 AM PST
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CARSON CITY, Nev. (KOLO) - Nevada’s rainy-day fund has hit a record high of $904 million, the State Treasurer said Thursday.

The new all-time high comes following a transfer of more than $516 million from the state’s general fund last week. The new total of $904 million is more than double what it was in 2020.

The state’s total revenue collections continue to trend higher than projections by the Economic Forum. State Treasurer Zach Conine says the record balance is indicative of the state’s overall financial health.

“With our Rainy-Day Fund now at its highest level in history, Nevadans can rest assured that the State’s finances are on solid ground, as we work to make critical investments in housing, public education, and affordable health care” said Treasurer Zach Conine. “I’m hopeful that our strong Rainy-Day Fund will help the Governor and Legislature as they work to build a budget for the next two years to move our State forward.”

Nevada’s transfers include 1% of the total anticipated revenue for each fiscal year as projected by the Economic Forum and 40% of the unrestricted balance of the State’s General Fund that exceeds 7% of General Fund operating appropriations.